Git is a version control system that allows developers to work collaboratively by tracking changes in code over time. It provides a complete history of files, allows independent streams of changes to be merged together, and connects changes to project management. With Git, developers can clone a full copy of a code repository locally, work on independent branches, and merge changes together. Common Git commands allow developers to add, commit, push, pull changes, and work with branches to develop features independently without affecting the main codebase.